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Financial Information for Subsidiary Guarantors and Non-Guarantors | 12 Months Ended
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Dec. 31, 2013
Financial Information for Subsidiary Guarantors and Non-Guarantors |
Financial Information for Subsidiary Guarantors and Non-Guarantors | 22. Financial Information for Subsidiary Guarantors and Non-Guarantors The following presents condensed consolidating financial information for the Company, segregating: (1) Owens-Illinois, Inc., the issuer of senior debentures (the "Parent"); (2) the two subsidiaries which have guaranteed the senior debentures on a subordinated basis (the "Guarantor Subsidiaries"); and (3) all other subsidiaries (the "Non-Guarantor Subsidiaries"). The Guarantor Subsidiaries are 100% owned direct and indirect subsidiaries of the Company and their guarantees are full, unconditional and joint and several. They have no operations and function only as intermediate holding companies. Certain reclassifications have been made to conform all of the financial information to the financial presentation on a consolidated basis. The principal eliminations relate to investments in subsidiaries and intercompany balances and transactions.
|  | December 31, 2013 |
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Balance Sheet |  | Parent |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Consolidated |
Current assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Accounts receivable |  | $ | — |  | $ | — |  | $ | 943 |  | $ | — |  | $ | 943 |
Inventories |  |  |  |  |  |  |  |  | 1,117 |  |  |  |  |  | 1,117 |
Other current assets |  |  |  |  |  |  |  |  | 490 |  |  |  |  |  | 490 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total current assets |  |  | — |  |  | — |  |  | 2,550 |  |  | — |  |  | 2,550 |
Investments in and advances to subsidiaries |  |  | 2,154 |  |  | 1,904 |  |  |  |  |  | (4,058 | ) |  | — |
Goodwill |  |  |  |  |  |  |  |  | 2,059 |  |  |  |  |  | 2,059 |
Other non-current assets |  |  |  |  |  |  |  |  | 1,178 |  |  |  |  |  | 1,178 |
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Total other assets |  |  | 2,154 |  |  | 1,904 |  |  | 3,237 |  |  | (4,058 | ) |  | 3,237 |
Property, plant and equipment, net |  |  |  |  |  |  |  |  | 2,632 |  |  |  |  |  | 2,632 |
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Total assets |  | $ | 2,154 |  | $ | 1,904 |  | $ | 8,419 |  | $ | (4,058 | ) | $ | 8,419 |
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Current liabilities : |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Accounts payable and accrued liabilities |  | $ | — |  | $ | — |  | $ | 1,782 |  | $ | — |  | $ | 1,782 |
Current portion of asbestos liability |  |  | 150 |  |  |  |  |  |  |  |  |  |  |  | 150 |
Short-term loans and long-term debt due within one year |  |  |  |  |  |  |  |  | 322 |  |  |  |  |  | 322 |
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Total current liabilities |  |  | 150 |  |  | — |  |  | 2,104 |  |  | — |  |  | 2,254 |
Long-term debt |  |  | 250 |  |  |  |  |  | 3,245 |  |  | (250 | ) |  | 3,245 |
Asbestos-related liabilities |  |  | 298 |  |  |  |  |  |  |  |  |  |  |  | 298 |
Other non-current liabilities |  |  |  |  |  |  |  |  | 1,019 |  |  |  |  |  | 1,019 |
Total share owners' equity of the Company |  |  | 1,456 |  |  | 1,904 |  |  | 1,904 |  |  | (3,808 | ) |  | 1,456 |
Noncontrolling interests |  |  |  |  |  |  |  |  | 147 |  |  |  |  |  | 147 |
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Total liabilities and share owners' equity |  | $ | 2,154 |  | $ | 1,904 |  | $ | 8,419 |  | $ | (4,058 | ) | $ | 8,419 |
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|  | December 31, 2012 |
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Balance Sheet |  | Parent |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Consolidated |
Current assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Accounts receivable |  | $ | — |  | $ | — |  | $ | 968 |  | $ | — |  | $ | 968 |
Inventories |  |  |  |  |  |  |  |  | 1,139 |  |  |  |  |  | 1,139 |
Other current assets |  |  |  |  |  |  |  |  | 541 |  |  |  |  |  | 541 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total current assets |  |  | — |  |  | — |  |  | 2,648 |  |  | — |  |  | 2,648 |
Investments in and advances to subsidiaries |  |  | 1,592 |  |  | 1,342 |  |  |  |  |  | (2,934 | ) |  | — |
Goodwill |  |  |  |  |  |  |  |  | 2,079 |  |  |  |  |  | 2,079 |
Other non-current assets |  |  |  |  |  |  |  |  | 1,102 |  |  |  |  |  | 1,102 |
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Total other assets |  |  | 1,592 |  |  | 1,342 |  |  | 3,181 |  |  | (2,934 | ) |  | 3,181 |
Property, plant and equipment, net |  |  |  |  |  |  |  |  | 2,769 |  |  |  |  |  | 2,769 |
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Total assets |  | $ | 1,592 |  | $ | 1,342 |  | $ | 8,598 |  | $ | (2,934 | ) | $ | 8,598 |
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Current liabilities : |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Accounts payable and accrued liabilities |  | $ | — |  | $ | — |  | $ | 1,688 |  | $ | — |  | $ | 1,688 |
Current portion of asbestos liability |  |  | 155 |  |  |  |  |  |  |  |  |  |  |  | 155 |
Short-term loans and long-term debt due within one year |  |  |  |  |  |  |  |  | 319 |  |  |  |  |  | 319 |
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Total current liabilities |  |  | 155 |  |  | — |  |  | 2,007 |  |  | — |  |  | 2,162 |
Long-term debt |  |  | 250 |  |  |  |  |  | 3,454 |  |  | (250 | ) |  | 3,454 |
Asbestos-related liabilities |  |  | 306 |  |  |  |  |  |  |  |  |  |  |  | 306 |
Other non-current liabilities |  |  |  |  |  |  |  |  | 1,621 |  |  |  |  |  | 1,621 |
Total share owners' equity of the Company |  |  | 881 |  |  | 1,342 |  |  | 1,342 |  |  | (2,684 | ) |  | 881 |
Noncontrolling interests |  |  |  |  |  |  |  |  | 174 |  |  |  |  |  | 174 |
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Total liabilities and share owners' equity |  | $ | 1,592 |  | $ | 1,342 |  | $ | 8,598 |  | $ | (2,934 | ) | $ | 8,598 |
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|  | Year ended December 31, 2013 |
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Results of Operations |  | Parent |  | Guarantor Subsidiaries |  | Non- Guarantor Subsidiaries |  | Eliminations |  | Consolidated |
Net sales |  | $ | — |  | $ | — |  | $ | 6,967 |  | $ | — |  | $ | 6,967 |
Cost of goods sold |  |  |  |  |  |  |  |  | (5,636 | ) |  |  |  |  | (5,636 | )
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Gross profit |  |  | — |  |  | — |  |  | 1,331 |  |  | — |  |  | 1,331 |
Research, engineering, selling, administrative, and other |  |  | (145 | ) |  |  |  |  | (689 | ) |  |  |  |  | (834 | )
Interest expense |  |  | (20 | ) |  |  |  |  | (219 | ) |  |  |  |  | (239 | )
Net intercompany interest |  |  | 20 |  |  |  |  |  | (20 | ) |  |  |  |  | — |
Interest income |  |  |  |  |  |  |  |  | 10 |  |  |  |  |  | 10 |
Equity earnings from subsidiaries |  |  | 329 |  |  | 329 |  |  |  |  |  | (658 | ) |  | — |
Other equity earnings |  |  |  |  |  |  |  |  | 67 |  |  |  |  |  | 67 |
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Earnings before income taxes |  |  | 184 |  |  | 329 |  |  | 480 |  |  | (658 | ) |  | 335 |
Provision for income taxes |  |  |  |  |  |  |  |  | (120 | ) |  |  |  |  | (120 | )
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Earnings (loss) from continuing operations |  |  | 184 |  |  | 329 |  |  | 360 |  |  | (658 | ) |  | 215 |
Loss from discontinued operations |  |  |  |  |  |  |  |  | (18 | ) |  |  |  |  | (18 | )
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Net earnings (loss) |  |  | 184 |  |  | 329 |  |  | 342 |  |  | (658 | ) |  | 197 |
Net earnings attributable to noncontrolling interests |  |  |  |  |  |  |  |  | (13 | ) |  |  |  |  | (13 | )
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Net earnings (loss) attributable to the Company |  | $ | 184 |  | $ | 329 |  | $ | 329 |  | $ | (658 | ) | $ | 184 |
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|  | Year ended December 31, 2013 |
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Comprehensive Income |  | Parent |  | Guarantor Subsidiaries |  | Non- Guarantor Subsidiaries |  | Eliminations |  | Consolidated |
Net earnings (loss) |  | $ | 184 |  | $ | 329 |  | $ | 342 |  | $ | (658 | ) | $ | 197 |
Other comprehensive income (loss) |  |  | 385 |  |  | 385 |  |  | (199 | ) |  | (192 | ) |  | 379 |
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Total comprehensive income (loss) |  |  | 569 |  |  | 714 |  |  | 143 |  |  | (850 | ) |  | 576 |
Comprehensive income attributable to noncontrolling interests |  |  |  |  |  |  |  |  | (7 | ) |  |  |  |  | (7 | )
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Comprehensive income (loss) attributable to the Company |  | $ | 569 |  | $ | 714 |  | $ | 136 |  | $ | (850 | ) | $ | 569 |
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|  | Year ended December 31, 2012 |
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Results of Operations |  | Parent |  | Guarantor Subsidiaries |  | Non- Guarantor Subsidiaries |  | Eliminations |  | Consolidated |
Net sales |  | $ | — |  | $ | — |  | $ | 7,000 |  | $ | — |  | $ | 7,000 |
Cost of goods sold |  |  |  |  |  |  |  |  | (5,626 | ) |  |  |  |  | (5,626 | )
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Gross profit |  |  | — |  |  | — |  |  | 1,374 |  |  | — |  |  | 1,374 |
Research, engineering, selling, administrative, and other |  |  | (155 | ) |  |  |  |  | (716 | ) |  |  |  |  | (871 | )
Interest expense |  |  | (20 | ) |  |  |  |  | (228 | ) |  |  |  |  | (248 | )
Net intercompany interest |  |  | 20 |  |  |  |  |  | (20 | ) |  |  |  |  | — |
Interest income |  |  |  |  |  |  |  |  | 9 |  |  |  |  |  | 9 |
Equity earnings from subsidiaries |  |  | 339 |  |  | 339 |  |  |  |  |  | (678 | ) |  | — |
Other equity earnings |  |  |  |  |  |  |  |  | 64 |  |  |  |  |  | 64 |
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Earnings before income taxes |  |  | 184 |  |  | 339 |  |  | 483 |  |  | (678 | ) |  | 328 |
Provision for income taxes |  |  |  |  |  |  |  |  | (108 | ) |  |  |  |  | (108 | )
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Earnings (loss) from continuing operations |  |  | 184 |  |  | 339 |  |  | 375 |  |  | (678 | ) |  | 220 |
Loss from discontinued operations |  |  |  |  |  |  |  |  | (2 | ) |  |  |  |  | (2 | )
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net earnings (loss) |  |  | 184 |  |  | 339 |  |  | 373 |  |  | (678 | ) |  | 218 |
Net earnings attributable to noncontrolling interests |  |  |  |  |  |  |  |  | (34 | ) |  |  |  |  | (34 | )
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Net earnings (loss) attributable to the Company |  | $ | 184 |  | $ | 339 |  | $ | 339 |  | $ | (678 | ) | $ | 184 |
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|  | Year ended December 31, 2012 |
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Comprehensive Income |  | Parent |  | Guarantor Subsidiaries |  | Non- Guarantor Subsidiaries |  | Eliminations |  | Consolidated |
Net earnings (loss) |  | $ | 184 |  | $ | 339 |  | $ | 373 |  | $ | (678 | ) | $ | 218 |
Other comprehensive income |  |  | (185 | ) |  | (185 | ) |  | (202 | ) |  | 395 |  |  | (177 | )
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Total comprehensive income |  |  | (1 | ) |  | 154 |  |  | 171 |  |  | (283 | ) |  | 41 |
Comprehensive income attributable to noncontrolling interests |  |  |  |  |  |  |  |  | (42 | ) |  |  |  |  | (42 | )
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Comprehensive income attributable to the Company |  | $ | (1 | ) | $ | 154 |  | $ | 129 |  | $ | (283 | ) | $ | (1 | )
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|  | Year ended December 31, 2011 |
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Results of Operations |  | Parent |  | Guarantor Subsidiaries |  | Non- Guarantor Subsidiaries |  | Eliminations |  | Consolidated |
Net sales |  | $ | — |  | $ | — |  | $ | 7,358 |  | $ | — |  | $ | 7,358 |
Cost of goods sold |  |  |  |  |  |  |  |  | (5,969 | ) |  |  |  |  | (5,969 | )
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Gross profit |  |  | — |  |  | — |  |  | 1,389 |  |  | — |  |  | 1,389 |
Research, engineering, selling, administrative, and other |  |  | (165 | ) |  |  |  |  | (1,383 | ) |  |  |  |  | (1,548 | )
Interest expense |  |  | (20 | ) |  |  |  |  | (294 | ) |  |  |  |  | (314 | )
Net intercompany interest |  |  | 20 |  |  |  |  |  | (20 | ) |  |  |  |  | — |
Interest income |  |  |  |  |  |  |  |  | 11 |  |  |  |  |  | 11 |
Equity earnings from subsidiaries |  |  | (335 | ) |  | (335 | ) |  |  |  |  | 670 |  |  | — |
Other equity earnings |  |  |  |  |  |  |  |  | 66 |  |  |  |  |  | 66 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Earnings before income taxes |  |  | (500 | ) |  | (335 | ) |  | (231 | ) |  | 670 |  |  | (396 | )
Provision for income taxes |  |  |  |  |  |  |  |  | (85 | ) |  |  |  |  | (85 | )
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Earnings from continuing operations |  |  | (500 | ) |  | (335 | ) |  | (316 | ) |  | 670 |  |  | (481 | )
Earnings from discontinued operations |  |  |  |  |  |  |  |  | 1 |  |  |  |  |  | 1 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net earnings (loss) |  |  | (500 | ) |  | (335 | ) |  | (315 | ) |  | 670 |  |  | (480 | )
Net earnings attributable to noncontrolling interests |  |  |  |  |  |  |  |  | (20 | ) |  |  |  |  | (20 | )
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net earnings (loss) attributable to the Company |  | $ | (500 | ) | $ | (335 | ) | $ | (335 | ) | $ | 670 |  | $ | (500 | )
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|  | Year ended December 31, 2011 |
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Comprehensive Income |  | Parent |  | Guarantor Subsidiaries |  | Non- Guarantor Subsidiaries |  | Eliminations |  | Consolidated |
Net earnings (loss) |  | $ | (500 | ) | $ | (335 | ) | $ | (315 | ) | $ | 670 |  | $ | (480 | )
Other comprehensive income |  |  | (415 | ) |  | (415 | ) |  | (164 | ) |  | 579 |  |  | (415 | )
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total comprehensive income |  |  | (915 | ) |  | (750 | ) |  | (479 | ) |  | 1,249 |  |  | (895 | )
Comprehensive income attributable to noncontrolling interests |  |  |  |  |  |  |  |  | (20 | ) |  |  |  |  | (20 | )
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Comprehensive income attributable to the Company |  | $ | (915 | ) | $ | (750 | ) | $ | (499 | ) | $ | 1,249 |  | $ | (915 | )
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|  | Year ended December 31, 2013 |
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Cash Flows |  | Parent |  | Guarantor Subsidiaries |  | Non- Guarantor Subsidiaries |  | Eliminations |  | Consolidated |
Cash provided by (utilized in) operating activities |  | $ | (158 | ) | $ | — |  | $ | 840 |  | $ | — |  | $ | 682 |
Cash utilized in investing activities |  |  |  |  |  |  |  |  | (402 | ) |  |  |  |  | (402 | )
Cash provided by (utilized in) financing activities |  |  | 158 |  |  |  |  |  | (479 | ) |  |  |  |  | (321 | )
Effect of exchange rate change on cash |  |  |  |  |  |  |  |  | (7 | ) |  |  |  |  | (7 | )
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Net change in cash |  |  | — |  |  | — |  |  | (48 | ) |  | — |  |  | (48 | )
Cash at beginning of period |  |  |  |  |  |  |  |  | 431 |  |  |  |  |  | 431 |
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Cash at end of period |  | $ | — |  | $ | — |  | $ | 383 |  | $ | — |  | $ | 383 |
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|  | Year ended December 31, 2012 |
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Cash Flows |  | Parent |  | Guarantor Subsidiaries |  | Non- Guarantor Subsidiaries |  | Eliminations |  | Consolidated |
Cash provided by (utilized in) operating activities |  | $ | (165 | ) | $ | — |  | $ | 740 |  | $ | — |  | $ | 575 |
Cash utilized in investing activities |  |  |  |  |  |  |  |  | (221 | ) |  |  |  |  | (221 | )
Cash provided by (utilized in) financing activities |  |  | 165 |  |  |  |  |  | (504 | ) |  |  |  |  | (339 | )
Effect of exchange rate change on cash |  |  |  |  |  |  |  |  | 16 |  |  |  |  |  | 16 |
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Net change in cash |  |  | — |  |  | — |  |  | 31 |  |  | — |  |  | 31 |
Cash at beginning of period |  |  |  |  |  |  |  |  | 400 |  |  |  |  |  | 400 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cash at end of period |  | $ | — |  | $ | — |  | $ | 431 |  | $ | — |  | $ | 431 |
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|  | Year ended December 31, 2011 |
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Cash Flows |  | Parent |  | Guarantor Subsidiaries |  | Non- Guarantor Subsidiaries |  | Eliminations |  | Consolidated |
Cash provided by (utilized in) operating activities |  | $ | (170 | ) | $ | — |  | $ | 673 |  | $ | — |  | $ | 503 |
Cash utilized in investing activities |  |  |  |  |  |  |  |  | (426 | ) |  |  |  |  | (426 | )
Cash provided by (utilized in) financing activities |  |  | 170 |  |  |  |  |  | (493 | ) |  |  |  |  | (323 | )
Effect of exchange rate change on cash |  |  |  |  |  |  |  |  | 6 |  |  |  |  |  | 6 |
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Net change in cash |  |  |  |  |  | — |  |  | (240 | ) |  | — |  |  | (240 | )
Cash at beginning of period |  |  |  |  |  |  |  |  | 640 |  |  |  |  |  | 640 |
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Cash at end of period |  | $ | — |  | $ | — |  | $ | 400 |  | $ | — |  | $ | 400 |
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Selected Quarterly Financial Data (unaudited) The following tables present selected financial data by quarter for the years ended December 31, 2013 and 2012:
|  | 2013 |
--- | --- | --- | ---
|  | First Quarter |  | Second Quarter |  | Third Quarter |  | Fourth Quarter |  | Total Year |
Net sales |  | $ | 1,641 |  | $ | 1,781 |  | $ | 1,784 |  | $ | 1,761 |  | $ | 6,967 |
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Gross profit |  | $ | 319 |  | $ | 369 |  | $ | 352 |  | $ | 291 |  | $ | 1,331 |
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Earnings (loss) from continuing operations attributable to the Company(a) |  | $ | 79 |  | $ | 135 |  | $ | 132 |  | $ | (144 | ) | $ | 202 |
Loss from discontinued operations attributable to the Company |  |  | (10 | ) |  | (3 | ) |  | (2 | ) |  | (3 | ) |  | (18 | )
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Net earnings (loss) attributable to the Company |  | $ | 69 |  | $ | 132 |  | $ | 130 |  | $ | (147 | ) | $ | 184 |
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Earnings per share of common stock(b): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Basic: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Earnings (loss) from continuing operations |  | $ | 0.48 |  | $ | 0.82 |  | $ | 0.80 |  | $ | (0.88 | ) | $ | 1.22 |
Loss from discontinued operations |  |  | (0.06 | ) |  | (0.02 | ) |  | (0.01 | ) |  | (0.02 | ) |  | (0.11 | )
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Net earnings (loss) |  | $ | 0.42 |  | $ | 0.80 |  | $ | 0.79 |  | $ | (0.90 | ) | $ | 1.11 |
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Diluted: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Earnings (loss) from continuing operations |  | $ | 0.48 |  | $ | 0.81 |  | $ | 0.79 |  | $ | (0.88 | ) | $ | 1.22 |
Loss from discontinued operations |  |  | (0.06 | ) |  | (0.02 | ) |  | (0.01 | ) |  | (0.02 | ) |  | (0.11 | )
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Net earnings (loss) |  | $ | 0.42 |  | $ | 0.79 |  | $ | 0.78 |  | $ | (0.90 | ) | $ | 1.11 |
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(a) Amounts management considers not representative of ongoing operations include: Amount for the first quarter included charges totaling $21 million ($20 million after tax amount attributable to the Company) for the following: (1) $11 million (pretax and after tax) for note repurchase premiums and the write-off of finance fees related to debt that was repaid prior to its maturity; and (2) $10 million ($9 million after tax amount attributable to the Company) for restructuring, asset impairment and related charges. The effect of these charges was a reduction in earnings per share of $0.12. Amount for the fourth quarter included net charges totaling $254 million ($229 million after tax amount attributable to the Company) for the following: (1) $145 million (pretax and after tax) to increase the accrual for estimated future asbestos-related costs; and (2) $109 million ($84 million after tax amount attributable to the Company) for restructuring, asset impairment and related charges. The effect of these charges was a reduction in earnings per share of $1.38. (b) Earnings per share are computed independently for each period presented. As such, the sums of the amounts calculated separately for each quarter do not equal the year-to-date amount.
|  | 2012 |
--- | --- | --- | ---
|  | First Quarter |  | Second Quarter |  | Third Quarter |  | Fourth Quarter |  | Total Year |
Net sales |  | $ | 1,739 |  | $ | 1,766 |  | $ | 1,747 |  | $ | 1,748 |  | $ | 7,000 |
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Gross profit |  | $ | 378 |  | $ | 376 |  | $ | 342 |  | $ | 278 |  | $ | 1,374 |
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Earnings (loss) from continuing operations attributable to the Company(c) |  | $ | 122 |  | $ | 134 |  | $ | 92 |  | $ | (162 | ) | $ | 186 |
Earnings (loss) from discontinued operations attributable to the Company |  |  | (1 | ) |  | (1 | ) |  | (2 | ) |  | 2 |  |  | (2 | )
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Net earnings (loss) attributable to the Company |  | $ | 121 |  | $ | 133 |  | $ | 90 |  | $ | (160 | ) | $ | 184 |
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Earnings per share of common stock(d): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Basic: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Earnings (loss) from continuing operations |  | $ | 0.74 |  | $ | 0.82 |  | $ | 0.55 |  | $ | (0.99 | ) | $ | 1.13 |
Earnings from discontinued operations |  |  | (0.01 | ) |  | (0.01 | ) |  | (0.01 | ) |  | 0.02 |  |  | (0.01 | )
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Net earnings (loss) |  | $ | 0.73 |  | $ | 0.81 |  | $ | 0.54 |  | $ | (0.97 | ) | $ | 1.12 |
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Diluted: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Earnings (loss) from continuing operations |  | $ | 0.73 |  | $ | 0.81 |  | $ | 0.55 |  | $ | (0.99 | ) | $ | 1.12 |
Earnings from discontinued operations |  |  | (0.01 | ) |  | (0.01 | ) |  | (0.01 | ) |  | 0.02 |  |  | (0.01 | )
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Net earnings (loss) |  | $ | 0.72 |  | $ | 0.80 |  | $ | 0.54 |  | $ | (0.97 | ) | $ | 1.11 |
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(c) Amounts management considers not representative of ongoing operations include: Amount for the third quarter included charges totaling $33 million ($23 million after tax amount attributable to the Company) for restructuring, asset impairment and related charges. The effect of these charges was a reduction in earnings per share of $0.14. Amount for the fourth quarter included net charges totaling $229 million ($229 million after tax amount attributable to the Company) for the following: (1) $155 million (pretax and after tax) to increase the accrual for estimated future asbestos-related costs; (2) $135 million ($121 million after tax amount attributable to the Company) for restructuring, asset impairment and related charges; and (3) a gain of $61 million ($33 million after tax amount attributable to the Company) related to cash received from the Chinese government as compensation for land in China that the Company was required to return to the government. The effect of these charges was a reduction in earnings per share of $1.47. Amount for the fourth quarter included a tax benefit of $14 million for certain tax adjustments. The effect of these tax benefits was an increase in earnings per share of $0.09. (d) Earnings per share are computed independently for each period presented. As such, the sums of the amounts calculated separately for each quarter do not equal the year-to-date amount.

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- Definition This element represents the disclosure of the condensed financial statements (balance sheet, income statement and statement of cash flows), normally using the registrant (parent) as the sole domain member. If condensed consolidating financial statements are being presented, other domain members (in addition to parent) such as guarantor subsidiaries, non-guarantor subsidiaries, and the consolidation eliminations, will be included in order that the respective monetary amounts for each of the domains will aggregate to the respective amounts on the consolidated financial statements. The line items are the various captions used to compile the condensed financial statements. Using extensions, most, if not all, of the elements representing condensed financial statement captions will be the same as those used for the consolidated financial statements captions. + References No definition available. + Details
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